Research Update: Momentive Specialty Chemicals Inc. 'B-' Rating Affirmed; Proposed Senior Secured Financing Rated 'B-' (Recovery: '3') Mar 12
- Language: English
- Published: March 2012
On June 29, 2009, Standard & Poor's Ratings Services revised its issue level ratings and recovery ratings on Hexion Specialty Chemicals Inc.'s senior secured debt, second-lien debt, and unsecured senior debentures. We revised the issue-level rating on the senior secured debt to 'CCC+' (same as the corporate credit rating) from 'B-'. The recovery rating was revised to '4', which indicates our expectation for an average (30%-50%) recovery in the event of a payment default, from '2'. We revised the issue-level rating on the second-lien notes to 'CCC' (one notch lower than the corporate credit rating) from 'D'. The recovery rating was revised to '5', which indicates our expectation for a modest (10%-30%) recovery in the event of a payment default,...
Companies mentioned in this report are: Momentive Specialty Chemicals Inc.,Hexion U.S. Finance Corp.,Hexion Nova Scotia Finance ULC
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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Momentive Specialty Chemicals Inc.,Hexion U.S. Finance Corp.,Hexion Nova Scotia Finance ULC